THE CORNELIUS TRUST ACCOUNTS ST 31 MARCH 2021 COFtrENTS Page Trust Administration Rq)ort from the Trustees ......... Staternent of Trustees Responsibiliti¢s...... Ind¢pendent Examiners Rq￿rt............... Statement of Financial Activities.. Balance Sheet Not¢s to Financial Statrments... 10-14 Page 2 THE CORIYELIUS TRUST ADDRESS 4 Curlew Drive Chippenham Wiltshire SN14 6YQ PATRONS Th¢ Rt Hon the Lord Ma¢Kay of Clashfern KT The Lord Alton of LiverpM)ol Major General A N Carlier CB OBE The Very Reverend Dr J. Harkness CB OBE QHC MA Wing Commander D R Gleed RAF R TRUSTEES Maj D B M Fry R SIGNALS (Chairnwi) Mr R P Sheldon late RE {Secretsry) Mr R J Campbell (Treasurer) Revd M P Thom&son {Grant Secretsry) Wg Cdr (Rtd) G Goixlman Lt Col V J Roberts RE Maj Jon Judge Flg Offt S Ceffillo Ssgt G J Olivier Lcpl J Lee Lcpl P Steen SOLICITORS Nea]e Turk Rochfort 12 Kings Ride Camberley Surrey GU15 4JG CHARITY REGISTRATION NUMBER 1002371 GOVERNING ￿STRUmE￿r Trust deed dated 14th November 1990 THE CORNEUUSTRUST-TRUSTEES, REPORT2020121 AIM AND PURPOSE The Trust seeks to support serving and ex-servlng members of the Anned For￿$ and MOD CNII SeNants. as well as their dependants. in developing and strengthening their Christian faith through attendance at camps, conferences, courses and at Christian leisure centres. We particularty seek to support and encourage those engaged In evangelism withln the Military and those who wish to consider the claims of the Christian Gospel. We also provide wider benefft by assisiin8 Christians from the Armed Forces of other countries. OBJECTIVES AND AcnvmES In accordance with our aim the trust provides financlal grnnts to: Support member5 of the Amied For￿ and MOD Civil Servlce community to attend events organised by the varlous Military Christlan Organi5ations IMCOS) or other Christian events for rest, recuperation, fellowshlp and teaching. Support MCOS in thelr provislon of conferences, courses or actNities. Support other activities aimed at propagating the Chrfstlan gospel within the Armed For￿$. Bids from junior sepiice personnel are particularty encouraged. CONSTITUTION AND TRUSTEES There have been no changes deemed ne￿$sOry to our constitution whlch remalns extant and allows sufficlent freedom of action to satlsfy the objects of the Trust. There have not been any changes to the board of Trustees during the perio(l. This kept our number of Trustees at eleven in total; we remaln fortunate to have several generou5ty long-serving trurtees and offlce bearers who contlnue to glve deeply valued service. As a trust servin8 a predomlnantly'young. constltuency we are always con5clous of the need to encourage and bring in new trustees, partKularly th)5e JunKir Rates and Ranks from the three se￿ice5. whom we most routlnely aim to support. COMPLIANCE, ACHIEVEMENTS AND PERFORMANCE Investments The financial year 2020121 saw an income from our underlylng Investments of £28.4K. whlch are professionally mana8ed on our behalf by Brewin Dolphin. The Trust also own property in Shrop5hire as part of the investment portfolio which generates an income of just over £19K annually. The income, from which grants are made, has remained profitable despite the market turbulen￿ caused by the COVID-19 pandemlc but has perhaps understandably brought in less than last year {see accounts for details). Nevertheless, as a result of cancellations of the vast majorfty of events this fiscal year. the Trust has comfortably been able to satisfy all bids vthich have met our crlteria. Grants Grants this year have totslled over £28K a decrease of £37K compared to last year, across a broad spettrum of projects. The majority of the decrease this year is attributsble to COVID-19 restrirtions. ￿ has been encouraglng to see efforts made to tontinue work as restrictions have allowed, including online versions of several events we have supported for a number of years. For Instance, a Christian holiday camp for Service children went online and was very well recelved. This example is just one of a broad range of actNities that we support across all three Servi￿$ includlng both serving and retired military families and their dependants. thus demonstrating a tangible wider public benefit. We encourage and welcome new bids. especialfy from those with novel ideas. We continue to work. where possible. with other established MCOS including Militsry Chaplalncies, but at the same time encourage blds, large or small. from individuals and noTrmilitary or8anisations where they support the wider milltary community. We continue to work with the Amied Forces Christlan Union IAFCUI and the Soldiers and Airmen Scripture Readers AssOckt￿n {SASRA} which provides support to members of all three seNices. and our 8rants subsidise the cost of their numerous events. As noted above, we rent out property in Badger village and Mr G Goodman manages these on our behalf via a letting agency; this year the agency switched to Bloore & Kin8. The propert*s consist of a pair of semi-detached ¢otta8es CUr￿ntlY split into four flats, two of which are rented out to long-standing tenants at significantly reduced rent in accordance with the wishes of the benefattor who donated the property to the trust in the early 1990s. They currentty generate a modest level of rental income and do ￿Quire Some refurblshment which we a￿ affecting on a rollin8 basts as tenancy arrangements allow. We are confldent that they continue to represent a prudent long-tenn investment and there is no pressing requ1￿ment to Sell the properties now. We let two of the flats at a normal market rate. We contlnue to keep this area of our investments under review and acknowledge that we can comfortabty afft)rd the current strategy but may amend this in future if need dictates. MANAGEMENT OF THE TRUST We are fortunate to have a l￿1¥ of willing trustees who 8ive freely and generously of their time and, being elther serving military or ex-military. bring knowledgeable. mature and ￿aSoned judgement to their task. The trust does not have pemianent employed staff or offices.. its administration Is conducted on the Internet usin8 a secure well-produced and malntained Trustees, forum. This reduces cost and Is tlme efflcient. The Trust also maintsins a pU￿1C web slte from which anyone may Bain Info￿atIon and submit a grant applkation. Trustees Committee meetln85 are held three tlmes a year and are recorded in mlnutes as required by Charlty Commlssion rules. Adminlstration costs a￿ negligible. and expenses are ra￿lY pakl. The accounts continue to be malntained to an extremely high standard by our treasurer Mr R J Campbell and we are well supported and advised by our Brewin Dolphin fund manager. The accounts are properlv externally examined in accordance with Charity Commissson rules and they a￿ filed with this report for scrutiny as required. Rlsk Analysls The Trustees consider the principal risks affecting the charlty to be: A decline In the value of investrnents This the trustees seek to minimise by engaging portfolio managers to maintain a balanced portfolio and by keeping the performan￿ of the Investment managers under review. Damage to property whlch the Trustees seek to minimlse by maintainin8 adequate insurance cover. Investment Poli¢¥ The investment poliry aims to athieve a robust income yleld to fulfil its charitable purpose5 coupled with long term capital growth as an infiationary hedge from a balanced risk portfolio. Public Benefft In preparing this report, and in planning future actlvlty. the trustees have considered the Charity Commission's 8eneral guidance on public benefft and its supplementary public guidance on the advancement of religion for the public benefft. The trustees believe that the best way to carry out our objectives. and to provide public benefit for the sector of the public tsrgeted within our Constitut￿)n. is to continue to support organisations and indNiduals In line with our charitable objective5. SUMMARY The Trust has had another8ood year despite Its obvious challenges. We optimistically look forward to 2021122 seeing a gradual increase in requests as ￿$triCtIonS acn>5S the four Home Nations and indeed the wlder World allow,. our income from Investments should allow us to keep pace. We continue to encourage and welcome innovative and novel bids for support in additlon to those regularly receNed. We remain well placed financially with sensible reserves that should enable us to weather anticipated fluctuations in the broader economic environment and allow us to fvlfil our aims and objectives in accordance with our constitution and charter- full details of which a￿ available on our website rf required at http:/lwww.thecomeliusirust.or8. On behalf of the Trustees DBMFry Major Chairman of Trustees 9Au821 Page 6 THE CORNELIUS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES Charity law requires the trustees to prepare financial ststements for each financial y¢ar which giv¢ a tn￿ and fair view of the state of affairs of th¢ charity and of its financial activiti¢s for that year. The trustees are responsible for keeping proper accounting reL¥>rts which disclose with reasonable accuracy at any tin￿ the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Acts. They ar¢ also responsible for safeguarding the assets of the charity and hen¢¢ for taking r¢asonable steps for the prevention and detection of fraud or other Irregu1￿ltieS. Date: Aug 2021 Trustee and ChaIrn￿ of th¢ Trustee Council D B M Fry CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner's Report Rèport to tho truste￿1 members of The Comelius Trust On acc¢)unts for thg yèar ended 31 March 2021 Charlty no (rf any} 1CM)2371 Set out on pag9• 8-1ty I report to the trustees on my examination of tho ac￿Unts of the above chanty {Ih8 Twsf) for Ihe year ended As the charit18 trustees. you are responslble for th8 preparation of thè accounts in accordance with the requirements of the Charitie8 Act 2011 Acr). R￿POnsIbIlIti￿ and ba813 of report I repcKt in mp8Ct of my examination of the Tru8Ys amnts carried oul urKler section 145 of the 2011 Act in carying out my examination, I have folli)wed all the applleable Directions gNen by the Charty Commission urKl8r Section 145{5)(b) of the Ad. Independent I have crrnpleted my exanination. I corffirm that no material matter8 have oxamlnerfs statsmont come to my attention in connertion with the examination whlch gives me cause to bdieve that in, any material respect: the accounting records not kept In accordance with 8e¢iion 130 of the ChariiEs Ad.. or the aGcounts did not accord wrth the accounting reoyds" or the accounts did not comply wilh the applicable requirements onceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2IXI8 other than any requirement that the accounts gNe a Irue and fair, vlew which is not a matter con8idered as part of an independ8nt examinati￿. I have no conc¢m8 and havo com• across no t)ther matters in connectlon with the examination to which attention should be drawn in this report In order to enable a Fyoper uThJerstanding of th8 accounts to be reathed. Slgn•d: Name: John E(fr•Mrds BSc(Econ) Relevant professional qualificatlonl•) or body (rf any): Addr•ss: 5 Sandabwocé Road WeSt￿ry Wltshire BA13 3UP IER Oct 2018 Fwts)t4re•knJ 31*MARCH NL*e TOMI 206 TL% r¢¢laim*bk Baok interest InvestnKnt inQLxne Re￿￿ ￿￿¢m¢ 187 433 450 41970 19J80 450 42,970 19.380 21433 410 398 398 48214 41214 63,426 63,426 Eiptndllu Costs ofTai5ing funds". IDvestm¢Trt Mana8tffrtrttC( Optratin8 cxwths¢s fjrn￿ts Capital CT￿ Adm￿￿¢10 T￿Slee$ l994 23.914 1994 23.914 I07J 65J27 1073 63J27 1874 329 2,874 329 31.￿7 31.K17 70MJ 70.605 Trtll Eipeidltirt 41.630 309 82J09 R¢olised pinlltA>ssI on of Unreolised 8n1￿1￿1) on of Co Unreolised Ilwywns w in7Kifvnenl .178 87 347j￿] 347JJO {147,4X)) 1147.4901 Net i•comtlltAPtthdknrel Ty4nsl¢rs B¢ttw buD 314.112 4.112 1166J61 (IIM)DI 11063861 34112 314.112 1168y6) i[￿) {1663kn} Fund b￿8￿¢¢$ wi fon¥4rd 2214.731 2J75.1)24 6.(Kx) 2,381.024 Totxl fu#d b*l••ta urded forn*rd 2388,850 10,( 98J50 22(h5.738 2,214,738 Page 9 BALANCE SHEEr Forthe Jtarendoa 31st MARCH 2021 2020 INVESTMEKrs ¥13.761 2,152,608 CURRENf ASSETS Deb￿ & Prepa￿nettts 18252 5.452 18252 5,452 Cash at bank - Th&t¢h Account . Royal Bank of S - Monmouthshire 19.453 9.851 40J26 18.454 13,368 25,166 69.630 56,988 1601,643 2.215,048 CURRENT LIABILITIES Creditors A￿rY315 Independent Examiners Fee Payments on account 1658 135 130 Total Current Liabiliiies 1793 310 Net Assets 1598.850 2,214,738 FUNDS 10 tri ted Fund$ Thatch Major R¢p8irs lo.￿) 8.000 Ullre ed FuAd G￿¢T41 Funds 1588.850 2206.738 1598,850 2214,738 Approved on behalf of the Tn￿te¢S RJ Campbell Page 10 THE CORNELIUS TRUST NOTES TO FINANCIAL STATEMEM3 For the ye•r ended 313t MARCH 2021 I ACCOI)NTING POLICIES 14) Th¢ financial statements hav¢ been prepared in accordance with the Statem¢nt of Recornmended PraL#i¢e SORP. The accounts (financial siat¢ments) have betn prepared undu the historical c￿st convention with items recognised #t ¢ost ortransadion value Unl￿ t*herwise st#taJ in the relevant T￿{5} to these accounts. Th¢ financial statem¢nts h8v¢ in ￿)[danc¢ with the Slatanent of Rcwmmended Practtce.. Aecounting 8nd Rwmting by Charities preEwing their accounts in accordanL* with the Financial ReportinB Standard applithle in the UK and Rcpublic of Ire18nd (FRS 102) issued on 16 July 2014 and the Finan¢id R¢porting Statthrd ¥pplicable ID the Unl￿1 Kingdom and Republi¢ of I￿land (FRS 102) and the Chariti¢s Act 2011. The trust coTrstitut¢s a public EV￿fit defiDgJ by FRS 102. The tr￿Slee$ consider that there are no material uncert8inti¢s about the Tntst's #bility to continue as a going conorn. With resp¢ci to th¢ next reportinB pcriod 2019.20. th¢ m(6t signlfioth are4s of uncertainty that sffed the cwrying value of assets held by th¢ Trt￿t the lev¢1 of inveslment retum aThJ the ￿rf0Mla￿tr of &nvestsn¢ni markets (see the investment policy perfomiance and risk mana8em¢nt se¢tions of the trustes, W]nu￿ report for more jnfThYmAtinn) { b ) The ff¢ehold prowty is r¢valued evuy five ￿1$ and revalue￿ by the in ts yw to 31st March 2016 and is TM)w shown 8t market Ydue at the time of valuation. R¢valu*ion did not happen in March 2021 due to COVID 19 lockdown. The property repairs h•ve b¢th thar8￿ in full to Incomc and Exp¢nditur¢ ac¢ounL ( c ) The Projec¢ R¢l*ed Investment Property, Unit 24 Shrivekn BusiTRsg ParK is h¢ld so as to mak¢ it available for Militsry Christion Or8anisations to use in the cours¢ of their ch8ritsble a¢tiviti¢s whieh are onsistent with th¢ obj¢¢tives of The corneliusTh￿ The woputy is h¢ld at a)sL ( d ) Income, including depo11￿ is u¢dittd to the Income and Expthditure rKg)un¢ at the lime of rerxipt and in¢lud¢s th¢ rewvery of tax deth￿ at *)w¢*. ( e ) The tru$t takth advants8e of the exuwrtion in the Fina￿181 R¢pJrting Standard No. l from PTodu¢in8 a cash flow statement on the grounds that it IS A small ryJ(xtin8 tsttity. 2 OTHKR INCOME 2021 2020 RENfAL ￿COmE Thatch Rental Income Unit 24 liental Incom¢ 19,081 100 19.380 19.181 19.380 P4eii THE CORNKLIUS TrUST NOTES (eoDtinued) TO FINANCIAL sfATEMENrs For the year ended 31*t MARCH 2021 2020 DIREcf CHARrrABLE EXPENDfnJRE Operndng Insurance Maint¢naiice Major Thatsh Improvemefjts Council Tax H¢aL light and water mi￿11￿ntouS 1.441 534 1.618 1276 i￿) l(KJ 2.075 AdmSnistradoD P05t and ststionery Professional fees Thatch (Admin & Repairs) lThat¢h (Prof¢ssiot)81 Fees) Audit ond aecowiian Publicity Telephone TTUSte¢ Training Tr•Yel Ind wbsljte￿¢ 1558 1230 1043 135 lJ95 130 50 1874 Trugtets ExpeDMs Administration Travel OtheT 38 291 329 Page 12 THE CORNELIUS TRUST NOTES (S81 on rcy81u￿i C8rying MArkn va]w dend of year 640. Prol¢rt R•lated lthwethn¢4t Unlt 24 Shrlv*tyhAm HuAdr Carrying markttvhl￿ at bewin8ofy¢ Pur¢has¢ Add /(ded￿) T￿1 ￿lThIll￿8) m Te¥aluati( MaTk¢¢ value htend of 22q¢J20 220.020.00 220.020 220.020.00 Tot•1 Investments (m•rktt VAlu•) 1513.761 1152.608 AnAlysb ofInve•lmeDts MaTkn* Val UK 585.020 1.615.245 Inv¢stme•ts Over 4% 15har¢s V PLC S&P S￿) GBP Hedg)J Vanguard Investment Series Fil Inv Sv¢s IUKI tDX Pa¢ifi¢ EXP Isham S&P 252.229 210.686 79,806 69.015 13.62% 13.04% 4.94% 4.27% Page 14 THE CORNELWS TRUST NOTES (eoDtittued) TO FINANCIAL STATEMENTS For the y￿r e*ded 31st TrIARCH 2021 DEBTORS 2021 2020 Income tax repayable iO,IM)O 6.570 1,682 Debtors 2,499 2,953 18,252 5.452 io FUNDS Gffiernl Restricted Funds Funds Total 2.214,738 Balance at l April 2020 221J6,738 Net movement in Funds 382.1 J2 384,112 Balance at 3) March 2021 1588.850 10,0 2,598.850 The Restricted fimds Tcpres¢nt a provision for Tepait5 on the FTe¢hold Tcnantd Cottsges thatched roof. li TRUSTEES REMUNERATtOF4 No Trustee received aDy rcmuneration from the Tn￿ during th¢ yur. No trusw Te£eived reimbursem¢nt of necessary expenditsWC during the y¢ar.